Merger Will Add Medtech and Operating Service
Providers to the Natcore Portfolio
DELRAY BEACH, Fla.,
Nov. 5, 2018 /CNW/ -- Natcore
Technology Inc. (TSX-V: NXT; OTCQB: NTCXF), a technology
research company, has advanced an MOU that would result in a merger
with a privately held firm and its subsidiaries that would become
wholly owned subsidiaries of Natcore.
The move would give Natcore the resources to further develop and
leverage its innovative technologies R&D across the energy,
medical and defense sectors and allow the company to once again
attend to its patents that have applications in the medical
field.
This week as Americans go to the midterm polling stations to
cast their vote, the number one topic on their minds is how the
political landscape will impact their healthcare options and
quality of care outcomes. Affordability and access to care
are main concerns for most Americans. Natcore would be
introducing a national healthcare model through this merger.
The model is a consolidated health services organization with
specific focus on cost reduction and optimization of patient
engagement, risk assessment, risk management and pharmaceutical
adherence for patients in all markets. Initial estimates are
that it will save health systems, payers and the Federal government
tens of billions of dollars from its high-tech, high-touch
innovative technology and service mix. The model is a
non-partisan solution serving the needs of the American people that
upon widespread adoption, hundreds of billions of dollars in cost
savings could be realized.
The merger evolved over 2018 through conversations between
Chuck Provini, Natcore's CEO and
President, and Owen Shuler, CEO of
Shuler Capital Corp, who have known each other from previous Wall
Street relationships.
Provini says, "This merger would
offer several obvious advantages for Natcore. First, by having
other businesses in our portfolio, we would be able to smooth out
the impact of the volatility inherent in the energy industry, as
Natcore has invested significant resources to developing its solar
tech patents portfolio while weathering the sector's natural
anomalies, unforeseen tariffs, political pressures and
international competitive issues.
"Second, we would have the organizational and financial
resources to exploit our existing patents in the solar and medical
fields and to expand our product offerings through vertical
businesses in both sectors.
"Third, as a much bigger company, we would be better able to
command the attention of analysts and would have expanded bandwidth
to serve existing and new customers.
"And fourth, as an American company trying to keep control of
our intellectual property here in the States and across the globe,
this merger would allow us to continue that fight with breathing
room to further improve our technologies as we prepare to export
products and services worldwide."
Although Natcore has focused on its solar technologies, its work
with carbon nanostructures has led to patents with important
applications in the medical field. Most prominent of these is a
patent for an artificial self-powered retina insert using an array
of semiconductor coated multiwall carbon nanotubes, controlled by
micron scale integrated circuit embedded in the device.
Advancing core research to commercially viable products becomes
more readily achievable.
Other applications could include a medical laser power meter
with a black silicon absorber to prevent unwanted back reflection;
x-ray absorbing material made with coated multiwall carbon nanotube
(MWNT) yarns; a DNA sequencing method using semiconductor coated
carbon nanotubes; and a lab-on-a-chip medical diagnostic system
using semiconductor coated MWNTs.
Natcore's objective to advance its solar and medical patents
suite towards commercialization for revenue generation would be
advanced through the merger.
Provini would continue as CEO and President of the reconfigured
Natcore. Shuler would become its Chairman, replacing Brien Lundin, who will remain on the Board of
Directors. The Board would be expanded with additional
directors possessing specific industry experience who are well
known corporate and institutional capital markets executives.
Natcore will be relocating its headquarters from Rochester, NY, to Delray Beach, FL., with regional offices
serving its customers from Washington, Dallas, Nashville and New
York City.
The relative valuations of the merger will be made public over
the next 30 days. However it will include a 1:10 reverse split of
the existing Natcore shares followed by an issuance of shares to
Shuler that will create a supermajority equity interest with
operating and management control of the company. Natcore has
requested a trading halt during the finalization of the transaction
to allow all relevant information regarding the specific assets and
companies as part of the merger to be made public leading up to the
company's annual shareholders meeting by the end of January.
Actions contemplated by the MOU are subject to all necessary
regulatory approvals, including acceptance and approval by the TSX
Venture Exchange.
Statements herein other than purely historical factual
information, including statements relating to revenues or profits,
or Natcore's future plans and objectives, or expected sales, cash
flows, and capital expenditures constitute forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in Natcore's business, including risks inherent in the
technology history. There can be no assurance that such
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on such statements. Except in accordance with
applicable securities laws, Natcore expressly disclaims any
obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference
herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact: Chuck Provini
(585) 598-4510
Info@NatcoreSolar.com
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SOURCE Natcore Technology Inc.
